Victoria Saporta, BoE executive director for prudential supervision, has said recently that minimum resilience requirements should be required for the tech giants’ (and others’) hosting services, before they may process and store banking data. We strongly support these comments. We have identified this issue as one of a number of new risks arising from modern financial systems architecture, in recent Structured Risk Analyses that we have carried out for financial and retail organisations in North America, Asia-Pac and EMEA.
Twenty-Twenty. What could go wrong in such a perfectly numbered year? Sadly, we all know the answer to that: Everything.
2020 has been dominated by the COVID-19 pandemic threatening our way of life, challenging our resourcefulness and resilience, on a global scale not experienced since the World War ended 75 years ago.
In 2020, some businesses with a strong digital presence have shown resilience by shifting all their operations online and moving to full-on remote working, adapting to a period of indefinite social distancing. Broadband connectivity was a key factor in keeping the lights on for those businesses. When the stay-at-home order came into full force in the UK, most feared the impact this would have on broadband performance all around. They anticipated a struggle along with their neighbours, stuck at home looking for ways to keep connected with their loved ones and colleagues, and to keep themselves entertained online. No doubt these were all valid concerns for us, domiciled warriors, called to take up arms to save lives by, ahem, manning the recliner, among other things. Yet, lo and behold, most of the ISPs in the UK had no major trouble adapting, and stood their ground as their resilient systems faced this sudden, indefinite surge in demand as the pandemic unfolded.